Blending Families, Blending Finances

Posted on: March 28th, 2014

By: Dahlia Robinson - Ocken, Esq.

All couples should have [a] talk [about] finances before they get married. But it's especially important to cover all the bases when the union involves two previously established households with children and other complications, such as parents who may need financial or physical support as they age, or ex-spouses still in the financial picture.

You might say a family is simply greater than the sum of its parts. This calculus is no less true for a blended family, than for a traditional family. On the other hand, there are so many more parts, moving pieces, and (with childhood Christmas presents coming to mind) possible choking hazards.

Blended families, however loving, oftentimes have more than a few things to address when it comes to financial and estate planning.

Indeed, the challenges faced by the blended family are frequently discussed in professional financial and legal circles. In part, this is because blended families are the new normal. If your family is “blended,” then it is only prudent to consider any tips regarding common challenges you may face.

[Food for thought: we are coming up on 50 years since the Brady Bunch debut, and we are still learning family lessons from that show.]

While so much of “blended family” planning depends on your own unique blended family, it never hurts to learn from the experiences of others similarly situated. Here are some of the lessons gleaned and shared in the article:

Agree on roles and responsibilities.

Discuss your philosophies on saving, spending and investing.

Establish some mutual financial goals.

Protect your future.

In addition, you will want to read the pointers shared in the article when it comes to “taxes and estate planning.”

In the end, the only way to have a successful blended family is to plan appropriately once you are all in.